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Original title: China Securities Regulatory Commission Regulates Appointment and Practice of Securities and Funds Industry Personnel
Our reporter Meng Ke
On November 20, the China Securities Regulatory Commission issued the “Measures for the Supervision and Management of Directors, Supervisors, Senior Managers and Professionals of Securities and Fund Operating Institutions (Draft for Comments)” (hereinafter referred to as the ” Management measures “), and publicly solicited opinions from the public. Industry experts believe that the “Administrative Measures” will further regulate the appointment and practice of directors, supervisors, senior managers and professionals of securities and fund operating institutions, promote compliance and stable operation of securities operating institutions. securities and funds, and protect the legitimate rights and interests of investors.
Regarding the background to the drafting of the “Administrative Measures”, the competent person in charge of the Institutional Department of the China Securities Regulatory Commission stated in an interview that the China Securities Regulatory Commission successively formulated the “Administrative Measures for the Ratings of Securities Industry Professionals “and” Securities Investing in 2002, 2004, and 2006 “. The regulations and normative documents such as the Measures for the Administration of the Appointment of Senior Executives in the Fund Industry, the Measures for the Supervision of Qualifications of Directors, Supervisors and Senior Executives of Securities Companies, and other regulatory documents and normative, they have been systematic in terms of access conditions, code of conduct, supervision and management, and legal responsibilities. Sexual dispositions. These standards have played an important role in strengthening personnel management in the securities and funds industry, regulating work and conduct in practice, and improving the quality and level of service of industry personnel, and boosted gradually the formation of a team of professionals with high professional quality and standardization.
“However, with the development of the industry, the advancement of the decentralization reform, regulation and service of the State Council, and the issuance and implementation of the new securities law, the current regulatory rules for some directors, supervisors, senior Managers and professionals should be adjusted and improved accordingly A unified system needs to be formulated The relevant departmental regulations of the aforementioned agency department will systematically regulate directors, supervisors, senior managers and employees.
Speaking of the main problems that the formulation of the “administrative measures” solves, the person in charge said that the first is to optimize the appointment procedures and conditions of the relevant personnel in the securities and funds industry. Adjust the qualification and approval examination of the directors, supervisors and senior personnel of the securities companies to the post-presentation, and return the autonomy of the appointment of the personnel to the operating agency. Unify the basic requirements of directors and supervisors of securities and fund companies, and optimize some of the requirements: not taking the placement test, as a necessary condition, and allowing personnel with certain supervisory work and experience to be exempt from the test. For professionals in financial technology and other fields, moderately relax restrictions on work experience. Cancel academic requirements and recommendation system. Further strengthen management capabilities and integrity compliance requirements. Unified supervision of professionals from other institutions in the securities and funds industry. Unify the basic conditions for employees of securities and fund companies, and bring under supervision professionals from other relevant institutions in the securities and funds industry.
The second is to clarify the rules and restrictions of the practice, restrict the behavior of the practice from multiple angles, and strengthen the integrity constraints. In accordance with the requirements of “compliance, integrity, professionalism and soundness”, the basic code of conduct to be followed by relevant personnel is clarified; the management of conflicts of interest is strengthened, requiring that the relevant personnel do not make illegal investments or conflicts of interest with clients. Business organizations are required to present information on discipline and integrity internal records of relevant personnel, and allow them to query relevant information on prospective candidates and conduct due diligence; industry associations optimize the integrity query platform and strengthen the bonding function of external reputation and integrity mechanisms.
The third is to strengthen the internal management and control responsibilities of the securities and funds operating institutions, strengthen supervision during and after the event, and strengthen accountability. The three aspects of the investigation of previous positions, the supervision of the performance of duties during the incident and the exit audit after the incident have clarified the personnel management responsibilities of the securities and funds management institutions. Realize job security, checks and balances on performance and supervision in case of resignation. Strengthen supervision during and after the event, strengthen accountability, and fail to realize that there are no dead ends or blind spots in supervision and accountability.
Regarding the drafting of the “Administrative Measures”, the competent person in charge of the Institutional Department indicated that the “Administrative Measures” are positioned to comprehensively regulate the special departmental regulations for directors, supervisors and employees of the securities industry. and funds, improve the effectiveness of administrative supervision, strengthen the self-discipline of the industry and supervise operations The institutions strengthen internal management and personnel control to promote compliance and stable operation of the institutions that manage securities and funds. Mainly follow the following ideas:
One is to build a unified and comprehensive core personnel management system. Order and integrate existing standards and practices that have proven to be effective in practice, absorb and draw on useful experience from overseas executives and professionals in integrity management and other aspects, supplement system deficiencies, and achieve full coverage of supervision. The second is to relax control and reduce unnecessary interventions. Apply the new securities law and the labor requirements of “delegation of management and service”, uniformly adjust approval of ratings to subsequent submission, effectively deregulate and create administrative oversight, self-discipline management, operating institutions, directors , supervisors and employees to fulfill their duties and perform their duties. Responsible personnel management system. The third is to implement “zero tolerance” for illegal activities. Increase the intensity of administrative supervision measures and administrative sanctions for infractions of laws and regulations, improve the accountability mechanism, and avoid detecting dead ends or blind spots in the accountability of supervisors.
